House Deeds Question

I Was VB

Have a friend of mine who is going back to Sweden and is packing up the family the dog and leaving Ireland, thing is he has a house like many is in negitive equity and cannot sell it on.

He's been talking about walking away from it and basically leaving it for the bank to take it back in 6 months or a years time when it goes the way of reposession.

I was considering taking over the deeds to the house and paying the remainder of the Mortgage myself (ie paying the monthy amount into his bank account and the bank taking it from there) and renting out the property to help pay for it.

I talked to a friend of mine who is a estate agent and he basically said it was a no-go as any deed change has to be with a sale of a house.

Just somthing i'm pondering, any advice is most welcome.

Thanks.

chris85

firstly the bank probably holds the deeds to the house anyways so they wouldnt allow this.

Secondly why would you take on a mortgage which is more than the value of the house since its in negative equity? Especially since house isnt yours and you have nothing to gain from it. You wont get the deeds.

If you like the house you can get a mortgage and buy it off him for its current value. Your friend would be left to clear any remaining balance on his mortgage with his bank .

I Was VB

chris85 wrote: »

firstly the bank probably holds the deeds to the house anyways so they wouldnt allow this.

Secondly why would you take on a mortgage which is more than the value of the house since its in negative equity? Especially since house isnt yours and you have nothing to gain from it. You wont get the deeds.

If you like the house you can get a mortgage and buy it off him for its current value. Your friend would be left to clear any remaining balance on his mortgage with his bank .

Well it would be a ideal because i'm self employed and single, for me to buy such a house through regular methoods would mean i'd have to increase my paypacket which would be tough as im already renting.

As regards the negitive equity i'm gonna run the figures as i dont know how much he already owes or has paid off it so far, tho he does have a 06 Jag X-type that he could throw into the deal!

chris85

I Was VB wrote: »

Well it would be a ideal because i'm self employed and single, for me to buy such a house through regular methoods would mean i'd have to increase my paypacket which would be tough as im already renting.

As regards the negitive equity i'm gonna run the figures as i dont know how much he already owes or has paid off it so far, tho he does have a 06 Jag X-type that he could throw into the deal!

Do you need a 06 Jag?

ok you need to have a serious think about this as your reasoning is not very good. You dont buy a house off a friend by just taking over the mortgage payments. you cant get deeds into your name as the mortgage is secured on the property in his name. What happens if you pay the mortgage for a few years and he comes back and says get out. You have basically paid for his house for few years and he is well within legal rights to kick you out as you dont own the property.

If you want to house get a mortgage and buy it from him...